CSAV gets loan for new ships

CSAV said Wednesday that it had signed a loan facility for $347 million to finance seven new 9,300-TEU ships that are to be delivered beginning late next year.
The Chilean carrier said the agreement with six banks - the Export-Import Bank of Korea, Korea Exchange Bank, Korea Development
Bank, Banco Santander-Chile, Citibank and Deutsche Bank - will finance 60 percent of the ships and the other 40 percent will come from a capital increase of $330 million carried out by the company last month.
“This is a very positive step that enables us to advance in increasing our own fleet, while showing the confidence of the financial market in the development and investment plan being implemented by the company”, said Oscar Hasbún, chief executive officer of CSAV, in a statement.
The new ships will be built by the Korean shipyard Samsung Heavy Industries (SHI) and delivered starting at the end of 2014. The company said their modern design will reduce fuel cost significantly.